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News

IPFS Offering Notes Backed by Insurance Premium Loans

PFS Financing Corp., Series 2016-A will issue two tranches of floating-rate notes: a $282 million senior tranche that benefits from credit enhancement of 10% is provisionally rated ‘AAA’ by Moody’s; an $18.2 million subordinate tranche is unrated.

CNH Industrial, GreatAmerica Launch Equipment Lease Deals

Two equipment-lease securitizations were launched Thursday: a $850 million deal from CNH Industrial and a $454 million deal from GreatAmerica Financial Services Corp.

Ford Credit Returns with $833M of Dealer Floorplan Notes

Ford Credit Floorplan Master Owner Trust A (Series 2016-1) consists of three classes of notes with preliminary ratings from Standard & Poor’s and a final maturity of February 2019.

Enterprise Readies $649M Fleet Lease Securitization

Enterprise Fleet Financing, Series 2016-1 will issue a $193 million tranche of money market notes and two tranches of notes with preliminary ‘AAA’ ratings from Fitch Ratings with a final maturity of September 2021.

Latest PACE Securitization is Pure Play on California

The deal, Hero Funding Trust 2016-1, will issue $217.5 million of class A notes provisionally rated 'AA' by KBRA that mature in September 2036. They are backed by 28 limited obligation improvement bonds from 27 California counties.

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Articles

Volcker Rule Extension for CLOs Comes with Big Catch

A two-year extension to the deadline for banks to conform CLO holdings to the Volcker Rule doesn't apply to all, the Federal Reserve says.

CLO Pros See No Letup in Demand

Despite regulatory hurdles, participants see nothing in the way of issuance reaching $60 billion to $70 billion this year.

Babson CEO Finke: CLOs Often Unfairly Judged

Finke says the industry needs to address the lack of understanding about its performance and role in the economy.

Cutting Solar Funding Costs

Two academics argue that aggreggating standardized assets is key to solar securitization, which can meaningfully reduce funding costs for developers.

Still No Volcker Relief for CLOs

Despite pressure from Capitol Hill, regulators are disinclined to allow banks to hold collateralized loan obligations backed by bonds.

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Current Issue

Why Florida May Be the Next Big Source of PACE Bonds

Property Assessed Clean Energy loans have been available in Florida since 2010, but lending, as well as securitization of these loans, has lagged far behind California largely due to a series of lawsuits. A ruling by the Florida Supreme Court in October could change that.

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